The new ‘It’ residence for Millionaire Migrants

Australia attracted more millionaires last year than any other country claims a new report by South African market research group New World Wealth. The same report placed Canada in third and New Zealand in fourth position.

Reported on in the Sydney Morning Herald the researcher said the number of migrant millionaires rose to 82,000 last year, compared to 64,000 in 2015.

"For the second straight year Australia is the top country worldwide for millionaire inflows, beating out traditional destinations such as the US and the UK," said the research group.

Based on the findings of New World Wealth Australia was followed by the USA, who attracted 10,000 more millionaire migrants than in 2015.

Canada was third most attractive drawing in 8000 more millionaires. Australia took top honours by attracting 11,000 millionaires. New Zealand was in fourth place.

New World Wealth's head of research, Andrew Amoils, said personal safety and a good education system top the list of priorities for these sought-after immigrants – as well as proximity to Asia.

Australia is one of many countries that have introduced visa programs to attract wealthy immigrants, known as the Significant Investor Visa.

The Significant Investor visa is a stream within the Business Innovation and Investment visa and the Business Innovation and Investment visa. The purpose of the visa is to provide a boost to the Australian economy and to compete effectively for high net worth individuals seeking investment migration. Significant Investor Visa (SIV) holders are required to invest AUD5million into complying significant investments for a minimum of four years before being eligible to apply for a permanent visa.

Significant Investor visa or Premium Investor visa applicants do not need to satisfy the innovation points test and there are no upper age limits.

Family members of a holder of this visa may work or study in Australia. There are no limitations placed on the visa holder or their family members when holding a provisional Significant Investor visa in Australia.

Consult your immigration practitioner for more information about this visa and the application procedure.